The top court, which allowed a batch of appeals filed by banks against an order of the Kerala High Court, held that the proportionate disallowance of interest is not warranted under Section 14A of Income Tax Act for investments made in tax free bonds/securities which yield tax free dividend and interest to assessee Banks in those situations where, interest free own funds available with them, exceeded their investments.from Personal Finance News-Wealth-Economic Times https://ift.tt/3hkacSy
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